By Canadian Press

Oil and Gas

CAPP projecting $2 billion boost in investment in 2020

Jan 30, 2020 | 11:17 AM

CALGARY – Spending in the oil and gas sector is expected to rise by about $2 billion this year after declines in four of the past five years.

The Canadian Association of Petroleum Producers says it expects about six per cent more will be invested in Canadian upstream energy this year than in 2019, taking to total to about $37 billion, which is about half as much as in 2014 when investment levels reached $81 billion.

It says the “main driver” for the spending jump is an improved economic environment due to provincial government policies, along with growing optimism that new export pipeline capacity will be built.

It lists Alberta’s moves to slash corporate tax rates and ease oil production curtailment levels, as well as Saskatchewan’s regulatory efficiency and recent target to boost oil output by 25 per cent by 2030.

CAPP says non-oilsands oil and natural gas capital investment for 2020 is forecast at $25.4 billion, up four per cent from an estimated $24.4 billion last year.

Meaningful Mementos

Remembering Someone You've Lost at Christmas

Dec 03, 2024

Seasonal Sorrow

How Do You Get Through The Holidays When You're Grieving?

Nov 01, 2024

Upcoming Events at Oliver's

Grief & Loss and Estate Planning Seminars

Oct 02, 2024

Oilsands spending is forecast at $11.6 billion in 2020, up eight per cent from an estimated $10.7 billion in 2019 and the first rise in five years.

(The Canadian Press)